Crude oil prices jumped more than 4.3% at the start of the week, driven by renewed escalation in the Middle East.
Reuters reported that the price of the benchmark Brent blend exceeded the $97 barrier per barrel, while the US West Texas Intermediate crude rose 4.2% to reach $94.4 per barrel, amid international concerns that global energy supplies will be affected and major shipping lanes will be affected.
Iranian Oil
Tehran has slashed the price of its crude oil destined for Chinese buyers in conjunction with the political turmoil, with the aim of attracting independent refineries that have reduced operations due to declining profit margins. According to market traders, Irani Light crude for July delivery was offered at a discount of more than $1 per barrel compared to the benchmark Brent price, after it was trading at a premium last month, coinciding with the reduction in the prices of Russian crude shipped from the far east of the country.
Global Stocks
Asian and U.S. stock indices declined sharply, under pressure from a broader sell-off in technology stocks and emerging geopolitical concerns.
Reuters reported that South Korea's Kospi index fell more than 8%, temporarily suspending trading, while Japanese stocks fell more than 2%, and futures for the Nasdaq 100 and S&P 500 indexes fell on Wall Street, coinciding with the release of a strong U.S. jobs report that boosts the Federal Reserve's bet on interest rate hikes.
Metals & Currencies
The precious metal prices also continued to decline in early trading, with gold heading towards $4320 per ounce, losing part of its value under the pressure of US interest bets, and silver fell 0.3% to $67.62.
The currency market witnessed the US dollar index rise against other major currencies, while the digital currency "Bitcoin" traded near the levels of $62,000 after sharp fluctuations that fell recently.